1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the third twelve week accounting period ended September 7, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission File Number 1-6024
WOLVERINE WORLD WIDE, INC.
(Exact Name of Registrant as Specified in its Charter)
DELAWARE 38-1185150
(State or Other Jurisdiction of (IRS Employer
Incorporation or Organization) Identification No.)
9341 COURTLAND DRIVE, ROCKFORD, MICHIGAN 49351
(Address of Principal Executive Offices) (Zip Code)
(616) 866-5500
(Registrant's Telephone Number, including Area Code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding twelve (12) months (or for such shorter period
that the registrant was required to file such reports) and (2) has been
subject to such filing requirements for the past ninety (90) days.
Yes X No
----- -----
Indicate the number of shares outstanding of each of the issuer's classes
of common stock as of the latest practicable date.
There were 28,337,873 shares of Common Stock, $1 par value,
outstanding as of October 17, 1996, of which 557,343 shares are
held as Treasury Stock. The shares outstanding, excluding shares
held in treasury, have been adjusted for the 3-for-2 stock
split paid on August 16, 1996, on shares outstanding at the
close of business on July 26, 1996.
2
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(THOUSANDS OF DOLLARS)
SEPTEMBER 7, DECEMBER 30, SEPTEMBER 9,
1996 1995 1995
(UNAUDITED) (AUDITED) (UNAUDITED)
----------- ----------- ------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 2,450 $ 27,088 $ 1,950
Accounts receivable, less allowances
September 7, 1996 - $5,383
December 30, 1995 - $3,407
September 9, 1995 - $5,296 106,557 83,392 85,615
Inventories:
Finished products 81,095 45,814 68,388
Raw materials and work in process 43,267 42,536 41,994
-------- -------- --------
124,362 88,350 110,382
Other current assets 15,099 15,896 14,932
Net current assets of discontinued operations 42 149 75
-------- -------- --------
TOTAL CURRENT ASSETS 248,510 214,875 212,954
PROPERTY, PLANT & EQUIPMENT
Gross cost 123,755 109,731 102,364
Less accumulated depreciation 66,931 62,846 62,969
-------- -------- --------
56,824 46,885 39,395
OTHER ASSETS 29,607 21,794 22,277
-------- -------- --------
TOTAL ASSETS $334,941 $283,554 $274,626
======== ======== ========
See notes to consolidated condensed financial statements.
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WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS - CONTINUED
(THOUSANDS OF DOLLARS)
SEPTEMBER 7, DECEMBER 30, SEPTEMBER 9,
1996 1995 1995
(UNAUDITED) (AUDITED) (UNAUDITED)
----------- ----------- -----------
LIABILITIES AND STOCKHOLDERS'
EQUITY
CURRENT LIABILITIES
Notes payable to banks $ 2,608 $ 2,339 $ 2,936
Accounts payable and other accrued liabilities 40,880 35,224 36,415
Current maturities of long-term debt 70 84 120
-------- -------- --------
TOTAL CURRENT LIABILITIES 43,558 37,647 39,471
LONG-TERM DEBT (less current maturities) 59,536 30,594 80,700
OTHER NONCURRENT LIABILITIES 10,543 11,099 11,304
STOCKHOLDERS' EQUITY
Common Stock - par value $1, authorized
40,000,000 shares; shares issued
(including shares in treasury):
September 7, 1996 - 28,315,596 shares
December 30, 1995 - 27,899,913 shares
September 9, 1995 - 25,510,623 shares 28,316 18,783 17,007
Additional paid-in capital 65,353 70,716 21,833
Retained earnings 138,275 123,593 112,343
Accumulated translation adjustments (351) (324) 298
Unearned compensation (3,271) (1,827) (1,807)
Cost of shares in treasury:
September 7, 1996 - 557,343 shares
December 30, 1995 - 547,913 shares
September 9, 1995 - 562,903 shares (7,018) (6,727) (6,523)
-------- -------- --------
TOTAL STOCKHOLDERS' EQUITY 221,304 204,214 143,151
-------- -------- --------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $334,941 $283,554 $274,626
======== ======== ========
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( ) - Denotes deduction.
See notes to consolidated condensed financial statements.
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WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS
OF OPERATIONS
(THOUSANDS OF DOLLARS, EXCEPT PER SHARE DATA)
(UNAUDITED)
12 WEEKS ENDED 36 WEEKS ENDED
----------------------------- -----------------------------
SEPTEMBER 7, SEPTEMBER 9, SEPTEMBER 7, SEPTEMBER 9,
1996 1995 1996 1995
------------ ------------ ------------ ------------
NET SALES AND OTHER
OPERATING INCOME $ 120,466 $ 100,460 $ 298,461 $ 263,080
Cost of products sold 84,453 71,707 205,808 184,049
---------- ---------- ---------- ----------
GROSS MARGIN 36,013 28,753 92,653 79,031
Selling and administrative expenses 24,842 20,053 68,494 60,138
---------- ---------- ---------- ----------
OPERATING INCOME 11,171 8,700 24,159 18,893
OTHER EXPENSES (INCOME):
Interest expense 660 1,489 2,119 3,142
Interest income (130) (155) (686) (560)
Other - net (10) (83) (716) (404)
---------- ---------- ---------- ----------
520 1,251 717 2,178
---------- ---------- ---------- ----------
EARNINGS BEFORE INCOME
TAXES 10,651 7,449 23,442 16,715
Income taxes 3,301 2,242 7,266 5,114
---------- ---------- ---------- ----------
NET EARNINGS $ 7,350 $ 5,207 $ 16,176 $ 11,601
========== ========== ========== ==========
EARNINGS PER SHARE:
Primary $ .26 $ .21 $ .57 $ .46
========== ========== ========== ==========
Fully diluted $ .26 $ .21 $ .57 $ .46
========== ========== ========== ==========
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CASH DIVIDENDS PER SHARE $ .027 $ .023 $ .080 $ .068
========== ========== ========== ==========
SHARES USED FOR NET
EARNINGS PER SHARE
COMPUTATION:
Primary 28,557,286 25,461,174 28,450,062 25,228,927
========== ========== ========== ==========
Fully diluted 28,593,796 25,505,379 28,560,110 25,350,793
========== ========== ========== ==========
See notes to consolidated condensed financial statements.
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WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(THOUSANDS OF DOLLARS)
(UNAUDITED)
36 WEEKS ENDED
-----------------------------
SEPTEMBER 7, SEPTEMBER 9,
1996 1995
------------ ------------
OPERATING ACTIVITIES
Net earnings $ 16,176 $ 11,601
Depreciation, amortization and other non-cash items 473 3,242
Unearned compensation (1,444) (611)
Changes in operating assets and liabilities:
Accounts receivable (13,566) (14,946)
Inventories (26,857) (31,357)
Other current assets 1,486 2,886
Accounts payable and other accrued liabilities 3,920 (4,869)
-------- --------
NET CASH USED IN OPERATING ACTIVITIES (19,812) (34,054)
FINANCING ACTIVITIES
Proceeds from long-term borrowings 29,000 58,181
Payments of long-term borrowings (72) (21,147)
Proceeds from short-term borrowings 269 3,504
Payments of short-term borrowings (2,000)
Cash dividends (1,494) (1,131)
Proceeds from shares issued under employee stock plans 3,879 1,998
-------- --------
NET CASH PROVIDED BY FINANCING
ACTIVITIES 31,582 39,405
INVESTING ACTIVITIES
Purchase of business product line (22,750)
Purchase of wholesale business (5,353)
Additions to property, plant and equipment (11,890) (8,448)
Net decrease in notes receivable 3,797 2,127
Other (212) (29)
-------- --------
NET CASH USED IN INVESTING ACTIVITIES (36,408) (6,350)
-------- --------
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DECREASE IN CASH AND CASH EQUIVALENTS (24,638) (999)
Cash and cash equivalents at beginning of year 27,088 2,949
-------- --------
CASH AND CASH EQUIVALENTS AT END OF
THIRD ACCOUNTING PERIOD $ 2,450 $ 1,950
======== ========
( ) - Denotes reduction in cash and cash equivalents.
See notes to consolidated condensed financial statements.
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WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
SEPTEMBER 7, 1996
NOTE A - BASIS OF PRESENTATION
The accompanying unaudited consolidated condensed financial statements have
been prepared in accordance with generally accepted accounting principles
for interim financial information and with the instructions to Form 10-Q
and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of
the information and footnotes required by generally accepted accounting
principles for complete financial statements. In the opinion of management,
all adjustments (consisting solely of normal recurring accruals) considered
necessary for fair presentation have been included. For further
information, refer to the consolidated financial statements and footnotes
included in the Company's Annual Report on Form 10-K for the fiscal year
ended December 30, 1995. Certain amounts in 1995 have been reclassified to
conform with the presentation used in 1996.
NOTE B - FLUCTUATIONS
The Company's sales are seasonal, particularly in its major divisions, The
Hush Puppies Company, the Wolverine Footwear Group and the Wolverine
Slipper Group. Seasonal sales patterns and the fact that the fourth quarter
has sixteen or seventeen weeks as compared to twelve weeks in each of the
first three quarters cause significant differences in sales and earnings
from quarter to quarter. These differences, however, follow a consistent
pattern each year.
NOTE C - BUSINESS ACQUISITIONS
On March 22, 1996, the Company consummated the acquisition of certain
assets of the Hy-Test product line from The Florsheim Shoe Company. The
preliminary purchase price at the closing date was $22,750,000 in cash and
has been allocated to the related assets and liabilities. A final purchase
price allocation will be completed in future periods based on the review
and agreement of both parties on the final closing balance sheet.
On August 24, 1996, the Company completed the acquisition of the Hush
Puppies wholesale business in the United Kingdom and Ireland from British
Shoe Corporation, a subsidiary of Sears Plc. The purchase price
approximated $6,500,000 and consisted primarily of cash and $1,550,000 in
notes payable over the next three years. The purchase price has not been
allocated to the related assets, consisting primarily of inventory and
goodwill, at September 7, 1996 and has been included in other current assets
in the consolidated condensed balance sheet. A final purchase price
allocation will be completed in future periods upon preparation of the
closing balance sheet.
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NOTE D - COMMON STOCK
On July 11, 1996, the Company announced a 3-for-2 stock split on shares
outstanding on July 26, 1996 payable August 16, 1996. All share and per
share data have been retroactively adjusted for the increased shares
resulting from the stock split.
NOTE E - EARNINGS PER SHARE
Primary earnings per share are computed based on the weighted average
shares of common stock outstanding during each period assuming that the
stock split described in Note D had been completed at the beginning of the
earliest period presented. Common stock equivalents (stock options) are
included in the computation of primary and fully diluted earnings per
share.
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
RESULTS OF OPERATIONS - COMPARISONS OF THIRD QUARTER AND YEAR-TO-DATE 1996
TO THIRD QUARTER AND YEAR-TO-DATE 1995
Third quarter net sales and other operating income of $120.5 million for
1996 exceeded 1995 levels by $20.0 million (a 19.9% increase), and 1996
year-to-date net sales of $298.5 million compares to $263.1 million
recorded for the comparable period of 1995 (a 13.4% increase). The strong
performance of the Wolverine Footwear Group continued, accounting for $9.5
million of the quarterly net sales and other operating income increase and
$18.7 million of the year-to-date increase. Sales in the Hush Puppies
Wholesale Division increased $6.8 million for the third quarter of 1996 and
$8.3 million year-to-date reflecting the popularity of the HUSH
PUPPIES[REGISTERED] CLASSICS product line. A current year third quarter
sales increase of $2.3 million and a year-to-date sales increase of
$9.8 million generated by United States Department of Defense contracts
helped offset the Wolverine Slipper Group's slight decrease of $1.3 million
for the third quarter and $3.8 million year-to-date. Sales for the
Wolverine Leather Division and the Hush Puppies Retail Division remained
relatively flat for both third quarter and year-to-date 1996.
Gross margin as a percentage of net sales and other operating income for
the third quarter of 1996 was 29.9% compared to the prior year level of
28.6%. Year-to-date gross margin of 31.0% for 1996 compared to 30.0% for
1995. Improved margins were recorded in both the Hush Puppies Wholesale
Division and the Wolverine Footwear Group through improved initial pricing
margins, increased licensing revenues and manufacturing and sourcing
efficiencies. The Wolverine Leather Division continued its strong
performance reporting a year-to-date $1.1 million gross margin increase
achieved by a shift in product mix to higher margin products. The Hush
Puppies Retail Division also contributed to the improved margins by showing
a 6.2 percentage point margin increase.
Selling and administrative costs totaling $24.8 million (20.6% of net sales
and other operating income) for the third quarter of 1996 were slightly
higher, as a percentage of net sales and other operating income, than the
1995 third quarter level of $20.1 million (20.0% of net sales and other
operating income). Year-to-date selling and administrative expenses of
$68.5 million (22.9% of net sales and other operating income) in 1996 are
comparable, as a percentage of net sales and other operating income, to the
$60.1 million (22.9% of net sales and other operating income) recorded in
1995. Year-to-date selling, advertising and distribution costs associated
with increased sales volume combined with advertising and promotional
investments in brand awareness accounted for $6.5 million of the increase.
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Interest expense for the third quarter of 1996 was $.7 million, compared to
$1.5 million for the same period of 1995. Year-to-date interest expense
for 1996 and 1995 was $2.1 million and $3.1 million, respectively. The
decrease in interest expense for the current year third quarter and year-
to-date as compared to 1995 was primarily a result of the equity offering
completed in the fourth quarter of 1995, discussed below, which decreased
borrowings.
The effective income tax rate on net earnings increased on a year-to-date
basis in 1996 from the 1995 level (31.0% compared to 30.6%). The effective
tax rate reflects the anticipated annualized rate for the Company giving
consideration to the non-taxable net earnings of foreign subsidiaries.
Net earnings of $7.4 million ($.26 per share, post split) for the twelve
weeks ended September 7, 1996 compared favorably to earnings of $5.2
million ($.21 per share, post split) for the respective period of 1995 (a
41.2% net earnings increase). Year-to-date net earnings of $16.2 million
($.57 per share, post split) in 1996 also compared favorably with earnings
of $11.6 million ($.46 per share, post split) for the same period of 1995
(a 39.4% net earnings increase). Increased earnings are primarily a result
of the items noted above.
FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES
Accounts receivable of $106.6 million at September 7, 1996 reflects an
increase of $20.9 million (24.5%) and $23.2 million (27.8%) over the
balances at September 9, 1995 and December 30, 1995, respectively.
Inventories of $124.4 million at September 7, 1996 reflect an increase of
$14.0 million (12.7%) and $36.0 million (40.8%) over the balances at
September 9, 1995 and December 30, 1995, respectively. The increases in
accounts receivable and inventories were due primarily to the acquisition
of the assets of the Hy-Test Division of The Florsheim Shoe Company.
Excluding the Hy-Test Division addition, accounts receivable at September
7, 1996 increased 13.2% over the September 9, 1995 balance and 16.3% over
the December 30, 1995 balance. Inventories, excluding those added by the
Hy-Test Division acquisition, increased 4.4% and 30.4% over the balances at
September 9, 1995 and December 30, 1995, respectively. Third quarter
footwear order backlogs have increased 19% when compared to 1995,
supporting the requirement for increased inventories.
Other current assets totaling $15.1 million at September 7, 1996 included
$5.4 million of purchase price and other acquisition costs associated with
the United Kingdom Hush Puppies wholesale business purchased on August 24,
1996. Those assets will be reclassified upon the completion of the closing
balance sheet. Excluding those assets, other current assets were
$5.2 million and $6.3 million lower than the September 9, 1995 and
December 30, 1995 balances, respectively, which were primarily a result of
the collection of the final $4.0 million payment due on notes receivable
related to the 1992 disposition of the Brooks athletic footwear business.
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Additions to property, plant and equipment of $11.9 million during the
first three quarters of 1996 compared to additions totaling $8.4 million
reported during the same period in 1995. The majority of these
expenditures are related to the construction of a new corporate business
center, modernization of existing corporate buildings, expansion of
warehouse facilities and purchases of manufacturing equipment necessary to
continue to upgrade the Company's footwear and leather manufacturing
facilities which will enhance the Company's ability to respond to product
demand on a timely and cost-effective basis.
Short-term debt of $2.6 million at September 7, 1996 remains relatively
unchanged as compared to $2.9 million at September 9, 1995 and $2.3 million
at December 30, 1995. Long-term debt, excluding current maturities, of
$59.5 million at September 7, 1996 compares to $80.7 million and $30.6
million at September 9, 1995 and December 30, 1995, respectively. The
decrease in long-term debt from September 9, 1995 is attributable to the
reduction in the balance of the Company's revolving credit facility with
funds generated by the November 1995 equity offering discussed below. The
increase from the December 30, 1995 balance is due to a normal increase in
operating cash requirements.
It is expected that continued growth of the Company will require increases
in capital funding over the next several years. After the end of the third
quarter, the Company renegotiated its long-term revolving debt agreement to
increase amounts available under its credit facilities from $50 million to
$100 million. The combination of credit facilities and cash flows from
operations are expected to be sufficient to meet future capital needs.
The 1996 third quarter dividend declared of $.027 per share of common stock
represents a 17.4% increase over the $.023 per share (post split) declared
for the third quarter of 1995. The third quarter 1996 dividend is payable
November 1, 1996 to stockholders of record on October 1, 1996.
Additionally, shares issued under stock incentive plans provided cash of
$3.9 million during the first three quarters of 1996 compared to $2.0
million for the same period in 1995. On July 11, 1996, the Company
announced a 3-for-2 stock split on shares outstanding at the close of
business on July 26, 1996. All share and per share data have been
retroactively adjusted for the 3-for-2 stock split that was paid on
August 16, 1996.
The Company strengthened its financial position in 1995 through a
successful public offering of 2,606,250 shares (post-split) of common stock
at $19.917 per share (post-split). The $48.9 million of net proceeds from
this offering were used in part to reduce debt in the fourth quarter of
1995 and to acquire certain assets of the Hy-Test work, safety and
occupational footwear business of The Florsheim Shoe Company for
approximately $22,750,000 at the end of the first quarter of 1996.
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INFLATION
Inflation has not had a significant effect on the Company over the past
three years nor is it expected to have a significant effect in the
foreseeable future. The Company continuously attempts to minimize the
effect of inflation through cost reductions and improved productivity.
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PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) EXHIBITS. The following documents are filed as exhibits to this
report on Form 10-Q:
EXHIBIT
NUMBER DOCUMENT
3.1 Certificate of Incorporation, as amended. Previously filed as
an exhibit to the Company's quarterly report on Form 10-Q for
the period ended June 15, 1996. Here incorporated by
reference.
3.2 Amended and Restated Bylaws. Previously filed as Exhibit 3.2
to the Company's Annual Report on Form 10-K for the fiscal year
ended December 30, 1995. Here incorporated by reference.
4.1 Certificate of Incorporation, as amended. See Exhibit 3.1
above.
4.2 Rights Agreement dated as of May 7, 1987, as amended and
restated as of October 24, 1990. Previously filed with
Amendment No. 1 to the Company's Form 8-A filed November 13,
1990. Here incorporated by reference. This agreement has been
amended by the Second Amendment to Rights Agreement included as
Exhibit 4.6 below.
4.3 Amended and Restated Credit Agreement dated as of October 13,
1994 with NBD Bank, NA as Agent. Previously filed as Exhibit
4(c) to the Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 1994. Here incorporated by reference.
4.4 Note Agreement dated as of August 1, 1994 relating to 7.81%
Senior Notes. Previously filed as Exhibit 4(d) to the
Company's Quarterly Report on Form 10-Q for the period ended
September 10, 1994. Here incorporated by reference.
4.5 The Registrant has several classes of long-term debt
instruments outstanding in addition to that described in
Exhibit 4.4 above. The amount of none of these classes of debt
exceeds 10% of the Company's total consolidated assets. The
Company agrees to furnish copies of any agreement defining the
rights of holders of any such long-term indebtedness to the
Securities and Exchange Commission upon request.
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4.6 Second Amendment to Rights Agreement made as of October 28,
1994 (amending the Rights Agreement included as Exhibit 4.2
above). Previously filed as Exhibit 4(f) to the Company's
Annual Report on Form 10-K for the fiscal year ended December
31, 1994. Here incorporated by reference.
27 Financial Data Schedule.
(b) REPORTS ON FORM 8-K. No reports on Form 8-K were filed during the
period for which this report is filed.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
WOLVERINE WORLD WIDE, INC.
AND SUBSIDIARIES
OCTOBER 22, 1996 /S/GEOFFREY B. BLOOM
Date Geoffrey B. Bloom
Chairman and Chief Executive Officer
(Duly Authorized Signatory for Registrant)
OCTOBER 22, 1996 /S/STEPHEN L. GULIS, JR.
Date Stephen L. Gulis, Jr.
Executive Vice President, Chief Financial
Officer and Treasurer
(Principal Financial Officer and Duly
Authorized Signatory for Registrant)
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EXHIBIT INDEX
EXHIBIT
NUMBER DOCUMENT
3.1 Certificate of Incorporation, as amended. Previously filed as
an exhibit to the Company's quarterly report on Form 10-Q for
the period ended June 15, 1996. Here incorporated by
reference.
3.2 Amended and Restated Bylaws. Previously filed as Exhibit 3.2
to the Company's Annual Report on Form 10-K for the fiscal year
ended December 30, 1995. Here incorporated by reference.
4.1 Certificate of Incorporation, as amended. See Exhibit 3.1
above.
4.2 Rights Agreement dated as of May 7, 1987, as amended and
restated as of October 24, 1990. Previously filed with
Amendment No. 1 to the Company's Form 8-A filed November 13,
1990. Here incorporated by reference. This agreement has been
amended by the Second Amendment to Rights Agreement included as
Exhibit 4.6 below.
4.3 Amended and Restated Credit Agreement dated as of October 13,
1994 with NBD Bank, NA as Agent. Previously filed as Exhibit
4(c) to the Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 1994. Here incorporated by reference.
4.4 Note Agreement dated as of August 1, 1994 relating to 7.81%
Senior Notes. Previously filed as Exhibit 4(d) to the
Company's Quarterly Report on Form 10-Q for the period ended
September 10, 1994. Here incorporated by reference.
4.5 The Registrant has several classes of long-term debt
instruments outstanding in addition to that described in
Exhibit 4.4 above. The amount of none of these classes of debt
exceeds 10% of the Company's total consolidated assets. The
Company agrees to furnish copies of any agreement defining the
rights of holders of any such long-term indebtedness to the
Securities and Exchange Commission upon request.
4.6 Second Amendment to Rights Agreement made as of October 28,
1994 (amending the Rights Agreement included as Exhibit 4.2
above). Previously filed as Exhibit 4(f) to the Company's
Annual Report on Form 10-K for the fiscal year ended December
31, 1994. Here incorporated by reference.
27 Financial Data Schedule.
5
1,000
OTHER
DEC-28-1996
DEC-31-1995
SEP-07-1996
2,450
0
106,557
5,383
124,362
248,510
123,755
66,931
334,941
43,558
59,536
28,316
0
0
191,988
334,941
298,461
298,461
205,808
205,808
0
0
2,119
23,442
7,266
16,176
0
0
0
16,176
.57
.57
